White House Economists Report 10 Million Home Shortage Impacting U.S. Housing Market
The United States is currently facing a significant housing shortage, with an estimated deficit of 10 million homes, according to a report by the White House Council of Economic Advisers. The report highlights that if homebuilding had continued at its historical pace post-2008 financial crisis, the country would have 10 million more homes. The shortage has contributed to a dramatic rise in home prices, which have increased by 82% since 2000, while incomes have only risen by 12%. The report suggests that regulatory cuts could facilitate more construction, thereby increasing home ownership and stimulating economic growth. It also points out that various regulations, referred to as a 'bureaucrat tax,' add over $100,000 to the cost of building a home. Reducing these costs could potentially lead to the construction of up to 13.2 million homes. 
